She has applied for a loan from Kiva partner Asasah for one of her sons who wants to buy a new rickshaw. Currently, he drives a rented rickshaw, which has minimized his income potential. By purchasing his own rickshaw, he will be able to earn more profits and will become an owner of his own business asset. Fouzia is very hopeful that an investment will bring more profits to her son and her family will be able to enjoy better living facilities as a result of his better income.
Note: In the photo, the lady raising her hand is Fouzia.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid